The argument that Coin Center seemingly presents, however, overlooks that crypto service providers ultimately cannot reside outside of regulation forever. When technology takes over the functions that would otherwise fall to people or entities, its creators and users can no longer claim it sits outside the rule of law.
Policymakers will not sit by and allow this framework to go unregulated even if Coin Center temporarily prevails in its lawsuit. And this is why regulatory measures are being drafted across jurisdictions and are expected to be implemented in the near future.
The crypto community should not view the coming of regulation as a dark cloud hanging over the industry. Regulatory measures—when tailored to the unique attributes of the crypto market—can offer clear guidelines on how decentralized technology should be applied, who may use it, and for what purpose.
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn